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Saudi Aramco Raised June Oil Prices

Saudi Aramco Raised June Oil Prices

The world's largest oil company, Saudi Aramco, formed a price chart for oil buyers in June. According to it, prices are raised for all markets, including Asia, the US and Europe, writes Fxstreet.

According to the Agency, the increase in prices for Saudi oil gives the market a signal of signs of improving demand for oil.

So, June prices for supplies to Asia increased by $1.4 per barrel, now the discount to the benchmark has decreased to $5.9 per barrel.

The market really felt optimistic about demand, said Andrey Polishchuk, an analyst at Raiffeisenbank. "This is evidenced by the increase in the price of Brent to $30 per barrel, investors are reacting to the news of the lifting of quarantine measures in China, Germany, Austria, and other countries," he said. However, the expert believes that the current trend cannot yet be called stable, since world oil reserves will continue to grow, despite the OPEC+ agreement. "Our forecast for the third quarter of 2020 is an average of $35 per barrel," he concluded.

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